Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- Re: Schedule F - Cattle Question
Schedule F - Cattle Question
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Ev_G
Level 1
04-19-2022
10:49 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I am working on a farm tax return. Would cattle purchased be an expense or would the cattle be an asset? If so, would it be depreciable?
Labels
2 Comments 2
itonewbie
Level 15
04-20-2022
06:28 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I don't do farm returns but I'd think the answer would depend on whether the cattle is held primarily for sale to customers. If it is, that's part of the inventory without depreciation. If it's not, depreciation may then be taken. But I understand there are also special rules.
Have you checked out Pub 225?
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar
jeffmcpa2010
Level 11
04-20-2022
08:09 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Breeding Cattle are "normally" depreciable assets. Feeder cattle would "normally" be inventory.
